Apparel Losers: Carter's, Iconix, VF Corp.
NEW YORK (
) -- Apparel makers are on a downward spiral after some disappointing earnings news.
VF Corp.
(VFC) - Get V.F. Corporation Report
, maker of Lee and Wrangler jeans, is tumbling 7.1% to $72.88 after it reported on Monday third-quarter earnings and revenue that missed estimates.
During the quarter, the company earned $217.9 million, or $1.94 a share, down 7% from $233.9, or $2.10, in the year-ago period. Analysts were expecting a profit of $1.95 a share.
Revenue slipped 5% to $2.1 billion from $2.2 billion last year.
Carter's
(CRI) - Get Carter's, Inc. Report
is topping the New York Stock Exchange as one of the biggest decliners, after it delayed reporting its third-quarter results while it reviews its accounting regarding wholesale customers. The company said it will likely report by Nov. 12.
Shares of the children's apparel maker are off 24% to $21.51 in afternoon trading.
Iconix's
(ICON) - Get Iconix Brand Group, Inc. Report
shares are also sinking after the company released a
TheStreet Recommends
.
Despite posting a 25% jump in third-quarter profit, shares are down 7.5% to $12.37 in afternoon trading. Iconix expects 2010 earnings in the range of $1.25 to $1.30 a share, below Wall Street's consensus of $1.34 a share.
Other notable decliners include
Columbia Sportswear
(COLM) - Get Columbia Sportswear Company Report
, which is decreasing 3.8% to $38.90,
Warnaco
(WRC)
, which is falling 1.9% to $42.30,
Gildan Activewear
(GIL) - Get Gildan Activewear Inc. Report
, which is losing 4.9% to $17.82 and
Liz Claiborne
( LIZ), which is off 6.7% to $6.13.
-- Reported by Jeanine Poggi in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
